Wednesday, May 18, 2011

Trulia and RealtyTrac Survey Reveals 54 Percent of American Adults Now Believe Housing Recovery Remains Unlikely Until 2014 or Later


SAN FRANCISCO, CA,  May 18, 2011 – Trulia, a top resource for homebuyers, sellers and renters, and RealtyTrac, the leading online marketplace for foreclosure properties, today released the latest results of an ongoing survey that has tracked American attitudes toward foreclosed homes since 2008.

 Harris Interactive® conducted this online survey on their behalf from April 15 to 19, 2011, among 2,018 U.S. adults aged 18 and over.

Key Findings
American Expectations for Housing Market Recovery Falters

As more cities across the nation experience double dips in home prices , more than half (54 percent) of U.S. adults believe recovery in the housing market will not happen until 2014 or later, according to the survey released today.

 In a previous survey conducted six months ago , 42 percent of American adults said they thought the market would turn around by 2012 or had already turned around. Now, only 23 percent continue to think this will happen.

For a complete copy of the survey, please contact:

Chip Scarinzi for Trulia,, 415.486.3221
Daisy Kong,, 415.400.7391
Michelle Sabolich for RealtyTrac,
 415.593.1400 ext. 1233

Adam J. Simon, CCIM, Joins Grubb & Ellis

CHICAGO, IL (May 18, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Adam J. Simon (top right photo), CCIM, has joined the company as vice president, Private Capital Markets. 

He brings more than six years of experience in investment sales, specializing in multifamily and mixed-use properties and joins the Chicago Multi Housing team of Brian Pohl, senior vice president, and Symeon Stavrakas, senior associate.

 “We’ve seen an uptick in activity in the multifamily investment market, and bringing someone on board with Adam’s track record, relationships and expertise positions us to better support our clients as they expand their activities in the sector,” said Shawn P. Mobley (bottom  left photo), president, Brokerage Services.

 While leading the Simon Group, which he founded in 2008, Simon provided disposition advisory services, third-party acquisitions, equity placement and structured financing for investment clients throughout the Midwest. 

Previously, he spent a year as an associate director in Cushman & Wakefield’s investment sales division after serving as a founding co-partner and managing broker of C.B. Commercial Inc., a commercial real estate brokerage firm he founded in 2005.  Under his leadership, the firm facilitated in excess of $600 million in property transactions from 2005 to 2008. 

Contact:  Erin Mays, Phone: 312.698.6735

Refinancing of southeast Houston multi-housing community arranged by HFF


HOUSTON, TX – HFF announced today that it has arranged refinancing for College View (top left photo), a 104-unit multi-housing community adjacent to San Jacinto Community College  in southeast Houston.

HFF worked on behalf of Venterra Realty to secure the 10-year, 5.66 percent fixed-rate loan with Morgan Stanley Mortgage Capital, Inc.  Loan proceeds replaced maturing debt on the property

College View Apartments is situated on 5.5 acres at 333 Luella Boulevard about 25 miles southeast of downtown Houston in La Porte.  The property has seven residential buildings with one-, two- and three-bedroom units averaging 819 square feet each.  Community amenities at the 90 percent leased property include a swimming pool and business center.

The HFF team that represented Venterra Realty was led by director Cortney Cole (lower right photo).

Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States.  Venterra currently manages a portfolio of multi-family real estate assets totaling over $600 million in value that generates gross annual income in excess of $80 million.  The organization has completed in excess of $1.3 billion of real estate transactions.  Venterra has offices in both Houston and Toronto and employs over 350 people.

Cortney R. Cole, HFF Director, (713) 852-3500,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500                                                    

Stan Johnson Company More Than Doubles Size of Los Angeles Office

 LOS ANGELES, CA (May 18, 2011) — Stan Johnson Company, one of the nation’s leading real estate brokerage and advisory firms specializing in net-lease investment sales, announced today that it has more than doubled the size of its Los Angeles office, adding three veteran brokers to its team.

 Lindsey Scully, Ed Breslin and Jackie Baker will now serve as associate directors for the Los Angeles office.  The trio joins Stan Johnson Company associate directors Derek Layne and Brad Richardson who helped launch the office in October 2010. 

Lindsey Scully (top right photo) has owned and operated, LES, Inc., a commercial brokerage firm based in Southern California, for over 11 years. She has successfully brokered over $480 million in commercial real estate deals including industrial, office, retail as well as self-storage and mixed-use developments, having worked with numerous high profile developers and investors throughout California and Canada.

Ed Breslin (middle left photo) brings over 9 years of commercial real estate experience to Stan Johnson Company, most recently serving as vice president of investments for REMAX/Commercial. He has closed more than $175 million in sales transactions since entering the business with the majority being in the multi-family and single tenant net leased investments.   He also has a strong financial background, working previously with Goldman Sachs and Prudential Securities.

With over seven years of commercial real estate experience, Jackie Baker (middle right photo) recently served as principal at a boutique brokerage firm where she specialized in the sale and lease of commercial properties. Previously, she worked with both First Industrial Realty Trust and The Staubach Company in the industrial leasing sector.  Throughout her career, she has completed transactions encompassing more than 2.8 million square feet.

“We’re excited about bringing in three seasoned commercial real estate professionals to help grow our office in Los Angeles,” said Daniel Herrold, Executive Managing Director, who heads up the company’s west coast expansion efforts.  “These three bring a wealth of experience in different facets of commercial real estate, as well as strong local relationships that we will be able to leverage.  I’m excited to watch them ramp up their business in our new office.”

The company’s expansion strategy kicked off in late 2008 with the launch of an office in Houston, Texas followed early last year with an office launch in Chicago, Illinois. The company also has a Capital Markets office in Oklahoma City, Oklahoma.

Contact:  David Ebeling, Ebeling Communications, (949) 278-7851

Sun Hospitality Sells Florida Hotel

TAMPA, FL (May 18, 2011) – The Plasencia Group’s Sun Hospitality division is pleased to announce the sale of the Suburban Extended Stay in Melbourne, FL.  (top left photo)  The hotel, which was on a ground lease, sold to GB Holdings for an undisclosed amount in a transaction that closed last week.   

 Sun Hospitality Advisors, a subsidiary of TPG that handles limited-service hotel transactions, was engaged by the seller as their exclusive advisor in the sale of the 132-room property.  

The hotel, at 1125 Airport Boulevard, is located less than a mile from Melbourne International Airport, three miles from Florida Institute of Technology, and just minutes from area beaches.

"Transactions involving ground leases are always a challenge, because most buyers are seeking fee simple assets,” explained Robert O’Leary, vice president of Sun Hospitality’s southeast region.

  “In this instance, the buyer is a first-time hotelier who is already a successful entrepreneur in the Melbourne area."  GB Holdings plan extensive renovations to the property in order to retain the franchise.

Media Contact: Karen Brand, VP Marketing & Communications  /  (203) 202-4549   /

Cuhaci & Peterson Architects Awarded Contract to remodel Sweetbay Grocery store in St. Petersburg, FL

ORLANDO, FL--- Cuhaci & Peterson Architects, LLC based in Baldwin Park has recently been awarded a contract to design the remodeling of a Sweetbay Grocery store in St. Petersburg.

Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said the 35,000 square foot facility is located on 4th Street in St. Petersburg.

For more information,  contact:  
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142,

Only 2% Of New Condos Unsold In Downtown Fort Lauderdale and Beach

MIAMI, FL---Less two percent of the nearly 5,100 condos created in the Downtown Fort Lauderdale and Beach market during the South Florida real estate boom remain unsold as of March 31, 2011, according to a new report from

The unsold inventory was reduced even further between January and March of 2011 when buyers acquired 76 developer units for nearly $10.7 million, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale and Beach™.
A super majority of the units that transacted in the first quarter of 2011 were in the Village East condominium (top left photo) conversion, where a 68-unit bulk deal traded for $7.65 million in February. The other developer units to transact in the first quarter of 2011 were located in the Coconut Grove Residences on Fort Lauderdale Beach (lower right photo), according to an analysis of Broward County records.

"Downtown Fort Lauderdale and the Beach is arguably one of the most stable coastal condo markets in the tricounty South Florida region based strictly on remaining unsold developer units," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "As a result of a somewhat anti-development city commission during the boom years, several new condo projects planned for Downtown Fort Lauderdale and the Beach were never constructed. Many of the units that ultimately were built ended up coming on line right as the real estate crash was beginning.

"Buyers with preconstruction purchase contracts at the time opted to go forward with their transactions rather than lose their deposits of typically 20 percent." 
 Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at

NAI Realvest negotiates new lease agreement for Indoor Soccer at 33rd Street Industrial Center in Orlando

ORLANDO, Fla. – NAI Realvest recently negotiated a new lease agreement for 11,100 square feet at 4600 LB McLeod Rd. in the 33rd Street Industrial Center (top left photo) in Orlando. 

Michael Heidrich, a principal at NAI Realvest, brokered the transaction representing the landlord, Columbus, Ohio-based 33rd Street Properties LLC.  The tenant is Orlando Fox Soccer Corporation of Orlando, who leased the space for an indoor soccer playing field. 

In other business, Heidrich negotiated a lease for 3,200 square feet of industrial space at South Orange Business Park Unit 113, 10501 S. Orange Ave. representing the landlord Orlando 1, LLC of Banner Elk, N.C.   The new tenant is Phoenix based Gorman Roofing Services, Inc. who was represented in the transaction by Jeff Tanner of Coldwell Banker Commercial NRT.

For more information, contact:
Michael Heidrich, Principal, NAI Realvest, 407-875-9989
Patrick Mahoney, President, NAI Realvest 407-875-9989
Beth Payan or Larry Vershel Communications, 407-644-4142

Morrison Commercial Real Estate Completes Sale of 48,662-SF Office Building in Lake Mary, FL

ORLANDO, FL (May 18, 2011):  Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of a building sale totaling 48,662± square feet with over 11 acres of land. 

Greg Morrison, Damien Madsen & Lisa Bailey of Morrison Commercial Real Estate represented CRM Florida Properties in the sale of 1097 Sand Pond Road in Lake Mary for $3,000,000.00. 

The Buyer was Meritas, LLC, represented by Miguel de Arcos of Sperry Van Ness.  Mertias plans to convert the building to a dormitory for its private school, Lake Mary Preparatory School.

 Contact: Buffy Gillette, Phone: 407.219.3500, Email:

Interstate Hotels & Resorts Adds Two Hotels to Management Portfolio

ARLINGTON, VA, May 18, 2011—Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that the company has assumed management of two premium-branded, select-service hotels owned by Summit Hotel Properties, Inc. (NYSE: INN), a Sioux Falls, S.D.-based hotel real estate investment trust (REIT).

 The hotels are the Homewood Suites Jackson-Ridgeland in Mississippi (top left photo) and the Staybridge Suites Denver Cherry Creek in Colorado (middle right photo).  Interstate’s Crossroads Division, which specializes in select-service hotels, operates the two extended-stay properties.

“We began our relationship with Summit in February when they selected us to manage 65 hotels, and we look forward to building on this as Summit continues to acquire more properties,” said Thomas F. Hewitt (bottom  left photo), Interstate’s chairman and chief executive officer.  “With the addition of these two properties, Interstate now has 338 hotels in its portfolio worldwide, and our pipeline, both international and U.S., is very active.”

Located at 853 Centre Street in Ridgeland, Miss., north of Jackson, the 91-room Homewood Suites Jackson-Ridgeland features spacious studio, one- and/or two-bedroom suites with separate living and sleeping areas. 

With its easy access to Interstate 55, the property is convenient to downtown Jackson and surrounding businesses, as well as a number of leisure attractions, including Annandale Golf & Country Club, Vicksburg casinos and the area’s best shopping venues.

The 121-suite Staybridge Suites Denver Cherry Creek at 4220 E. Virginia Ave., Glendale, Colo. enjoys a convenient location south of Denver, minutes from downtown attractions. 

For business travelers, the hotel is within five miles of the Denver Convention Center and proximate to Infinity Park Events Center and the state capital’s government offices and major downtown businesses.  For leisure travelers, the hotel is a short drive to Mile High Stadium and close to Elitch Gardens Theme Park, Denver City Park and the Denver Zoo.

Additional information about Interstate is available at the company’s website:
Jerry Daly, Carol McCune, Media, Daly Gray, (703) 435-6293,
Carrie McIntyre, SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320

IPA Sells Downtown Dallas Multifamily Landmark


DALLAS,  TX – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has brokered the sale of The Davis Building (top left photo), a restored lender-controlled downtown Dallas landmark.

The 20-story multifamily building has 183 luxury loft-style residential units, more than 50,000 square feet of street-level/tunnel retail space and an attached 12-story, 600-space public parking garage. The terms of the sale were not disclosed.

IPA’s Balthrope Group, led by Will Balthrope (middle right photo), a senior director and Lindsay Allen, a director, represented the seller, J. E. Robert Cos. IPA also represented the buyer, The Bascom Group.  IPA’s Balthrope Group is a division of Marcus & Millichap.

 “Our services are tailored to assist financial institutions in the proactive evaluation of assets and to help manage and transact assets targeted for sale,” says Balthrope. “With its central urban-core location, The Davis Building is an excellent investment.”

 Located at 1309 Main St. in Dallas, The Davis Building covers one city block at Main and Field Sts. in the Main Street district of downtown Dallas.

Constructed in 1926 as the Republic National Bank building, The Davis Building was renamed in 1954 in honor of Wirt Davis, a long-time bank chairperson.

The building was renovated in 2003 and features a modern lobby, a rooftop pool with hot tub, a rooftop garden with cabana lounge, skyline views, a dog park atop the parking garage and access to downtown’s air-conditioned underground tunnel system, which provides entry to major office buildings, retail corridors and restaurants.

Apartments in The Davis Building have historic terrazzo floors, plaster and brick walls, 12-foot to 20-foot ceilings, exposed ductwork and expansive windows with high-tech window treatments.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716


HFF arranges $10.6 million loan assumption and $3.4 million second lien financing for Littleton, Colorado multi-housing complex

LOS ANGELES, CA – HFF announced today that it has arranged a $10.6 million loan assumption in conjunction with $3.4 million in second lien financing for Dakota at Governors Ranch (top left photo), a 246-unit multi-housing community in Littleton, Colorado.

HFF worked on behalf of Seagate Littleton Associates, LLC, a partnership sponsored by the principals of Seagate Properties, Inc. of San Rafael, CA to arrange the assumption of the existing loan along with a new, five-year, 4.98 percent, fixed-rate second lien with Freddie Mac (Federal Home Loan Mortgage Corporation).  Both loans are serviced through HFF’s Freddie Mac Program Plus® Seller/Servicer program. 

Dakota at Governors Ranch is located in Littleton, Colorado, 10 miles southwest of downtown Denver.  Built in 1997, the property offers residents an extensive amenity package including a complete business center, heated pool, hot tub, fire pit, covered parking, fitness center and dog run.  Apartment homes include central air conditioning, full-size washers / dryers in select units, gourmet kitchens, cathedral ceilings and gas fireplaces.  The property is 95 percent occupied. 

The Dakota is the fourth value-add multi-housing asset in Colorado’s Front Range purchased by Seagate.  Seagate principal Trent Isgrig is relocating to Denver to open a Seagate office and is leading the company’s expanded multi-family acquisition efforts in Colorado.

The HFF team representing Seagate Properties Inc. was led by director Tina Derderian (bottom right photo).

Seagate Properties Inc. is a seasoned, creative real estate investment company focusing its energies in urban and suburban areas in the western United States. 

Tina K. Derderian, HFF Director, (310) 407-2175,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,